As tax season involves a detailed, the ATO has found 200,000 individuals who ought to be anticipating refunds, and but haven’t filed but. Are you considered one of them?
With the October 31 deadline looming for Australians needing to file tax for the earlier monetary yr, the Australian Taxation Workplace (ATO) is asking whether or not you can be one of many many who could be receiving a refund this yr.
Whereas lodging tax is a requirement for most individuals, some attempt to keep away from taxes for worry of owing cash. Sadly, a few of these individuals might not in truth owe something this yr, and will as an alternative have some cash coming to them.
With out taxes being filed, nevertheless, the federal government can’t return any cash owed, that means there are many individuals who might get one thing again from the federal government, however haven’t completed so but.
The cash at stake isn’t small, both, with hundreds of thousands of {dollars} collectively in refunds being owed.
“Sadly, the tax workplace can’t return your cash till you lodge a tax return,” mentioned ATO Assistant Commissioner Kath Anderson.
“There are a number of explanation why Australians won’t lodge even when they’re due a refund,” she mentioned. “Some won’t lodge as a result of they don’t realise they should – possibly they’re on a low earnings or haven’t labored lately. Others could be anxious about lodging as a result of they haven’t lodged for a number of years, which frequently causes them stress and anxiousness.”
“The important thing factor to recollect is that the ATO is right here to assist; we wish all taxpayers to get it proper, and we’ll help them to take action.”
With one month to go, the ATO is reporting that round seven million taxpayers have lodged their tax, with virtually 4.3 million utilizing an agent, whereas simply over 2.7 million did their very own taxes utilizing the federal government’s myTax program.
Those that have been owed a refund obtain it pretty rapidly, with 98 per cent of tax refunds this yr issued inside 12 enterprise days, rising the motivation to get taxes out of the way in which.
“We all know some individuals postpone lodging as a result of they suppose they’ll owe cash, however for self-preparers the cost is due on 21 November whether or not or not a return is lodged,” mentioned Ms Anderson.
“The ATO will assist individuals who might have difficulties paying a tax debt, and work with you to tailor a cost plan to your circumstances. Some taxpayers might even be capable of arrange a cost plan on-line relying on their circumstances,” she mentioned.
When you’re pushing aside doing all of your taxes, it could be time to get that completed, if solely so you may guarantee this yr’s monetary information are sorted. If something, that refund you probably have coming your method could possibly be used as a method of settling any bank card debt, or anything you select.
